Trending: Renault and Nissan Agree to Reshape Alliance

1118 GMT - Renault is among the most mentioned companies across news items over the past 12 hours, according to Factiva data, after the French auto group said it reached an agreement with Japanese partner Nissan over how to reshape their decades-long alliance. Renault said it would transfer 28.4% of its shares in Nissan into a French trust, while Nissan would invest in Ampere, Renault's electric-vehicle business. For UBS, Renault's news Monday doesn't shed much new light on what was largely already discussed. "The main piece of new information to us relates to Renault being still able to receive dividends from the Nissan stake linked to the 28.4% it will transfer to a French trust," UBS analysts said in a research note, adding that no details were given about the conditions needed should Renault wish to dispose of its stake in the trust. The move means both Nissan and Renault have an equal 15% stakes in each other, UBS said. Citi analysts in a research note said they don't expect the renegotiated alliance to cause "major re-ratings." Renault shares trade 2.2% lower to EUR37.35. Dow Jones & Co. owns Factiva. ([e-mail])

(END) Dow Jones Newswires

January 30, 2023 06:34 ET (11:34 GMT)

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